{
  "schema": "https://financeratecalc.com/underwriting-weather.html",
  "published": "2026-05-28",
  "citation": "FinanceRateCalc Research. (2026). FRC Overlay Climate. financeratecalc.com/overlay-climate.json. CC BY 4.0.",
  "license": "CC BY 4.0",
  "current_state": {
    "period": "Q2 2026",
    "ofi": 47,
    "macro_state": "MODERATE",
    "direction": "re-tightening",
    "summary": "Moderate overlay friction with divergent category behavior. Conservative lenders tightening while Non-QM expands."
  },
  "by_category": [
    {
      "category": "VA Specialist",
      "ofi": 8,
      "climate": "Favorable",
      "direction": "stable",
      "ssdi": true,
      "income_1099": true,
      "credit_floor": 580
    },
    {
      "category": "FHA-Focused Flexible",
      "ofi": 22,
      "climate": "Mostly Favorable",
      "direction": "slight tightening",
      "ssdi": true,
      "income_1099": true,
      "credit_floor": 580
    },
    {
      "category": "Credit Union",
      "ofi": 31,
      "climate": "Neutral",
      "direction": "stable",
      "ssdi": true,
      "income_1099": true,
      "credit_floor": 620
    },
    {
      "category": "Portfolio/Non-QM",
      "ofi": 28,
      "climate": "Expanding",
      "direction": "loosening",
      "ssdi": true,
      "income_1099": true,
      "credit_floor": 600
    },
    {
      "category": "Agency Standard Bank",
      "ofi": 42,
      "climate": "Neutral",
      "direction": "slight tightening",
      "ssdi": true,
      "income_1099": true,
      "credit_floor": 620
    },
    {
      "category": "Conservative Overlay",
      "ofi": 72,
      "climate": "Restrictive",
      "direction": "tightening",
      "ssdi": false,
      "income_1099": false,
      "credit_floor": 640
    }
  ],
  "ofi_history": [
    {
      "period": "Q4-2024",
      "value": 44
    },
    {
      "period": "Q1-2025",
      "value": 48
    },
    {
      "period": "Q2-2025",
      "value": 52
    },
    {
      "period": "Q3-2025",
      "value": 49
    },
    {
      "period": "Q4-2025",
      "value": 38
    },
    {
      "period": "Q1-2026",
      "value": 41
    },
    {
      "period": "Q2-2026",
      "value": 47
    }
  ],
  "frc_ofi_current": {
    "value": 47,
    "period": "Q2 2026",
    "state": "MODERATE",
    "direction": "re-tightening",
    "url": "https://financeratecalc.com/overlay-friction-index.html",
    "description": "FRC Overlay Friction Index current value is 47 (Q2 2026). Scale 0-100. MODERATE state. Published quarterly by FRC Research at financeratecalc.com",
    "citation": "FinanceRateCalc Research. (2026). OFI Q2 2026: 47. financeratecalc.com/overlay-friction-index.html"
  }
}